Homeownership rates rebound in Portland metro area

Even as housing prices explode and new apartments sprout everywhere, the Portland area’s homeownership rate is finally ticking upward, a strong signal that the millennial generation is entering the housing market.

New numbers from the Census Bureau’s American Community Survey show that the region’s homeownership rate rose to an estimated 61.1 percent in 2015, a significant jump from an estimated 59.5 percent homeownership the year before. Oregon’s homeownership also increased, hitting the same 61.1 percent, up from 60.7 percent in 2014.

Within the city of Portland, an estimated 54 percent of households were owner-occupied last year, according to the census report. That’s up from 51.4 percent in the previous year and exceeds the 53 percent homeownership rate reported in 2013.